NEW YORK ( TheStreet) -- Stock futures turned lower Wednesday, as poor weather and a fall in business investment saw tepid economic growth in the first quarter. Disappointing results from Twitter ( TWTR) and eBay ( EBAY) also weighed on indices.

Futures for the Dow Jones Industrial Average were falling 17.37 below fair value to 16,451.0 while futures for the S&P 500 were off 3.63 below fair value to 1,868.75. Futures for the Nasdaq were shedding 14.49 below fair value to 3,551.0

Economic growth for the first quarter was just 0.1% down from 2.6% in the prior period. Rising personal consumption expenditure was partly offset by a fall in exports, private inventory investment, residential fixed investment and government spending. Expectations were for a result of 1.2%.

The ADP private payroll report showed a 220,000 gain for April, beating expectations for 200,000 and up from 191,000 in March.

The Federal Reserve is expected to announce a further $10 billion cut to its asset purchases at 2 p.m. EDT, though traders have warned not to underestimate the "surprise" element in Fed announcements and their market impact.

Russia is in recession, according to the International Monetary Fund, which cut its 2014 economic growth forecast for the nation to 0.2% on Wednesday. Russia has been slapped with several sanctions from the U.S. and E.U. after its involvement in the Ukraine crisis.

In international markets, Germany's DAX was falling 0.07% while the FTSE was 0.23% higher. The Hang Seng closed 1.42% lower while the Nikkei gained 0.11%. The Bank of Japan on Wednesday refrained from further stimulus but cut its growth estimate to 1.1% for the fiscal year ending in March 2015. Eurozone inflation rose to 0.7% in April, recovering from a four-year low of 0.5% in March.

Stocks expected to see price action Wednesday include General Electric (GE) after French conglomerate Alstom accepted a takeover bid Tuesday for its power-generation and transmission business. The preliminary deal could see GE pay more than $12 billion in cash. Twitter shares were falling 11.78% in premarket trade Wednesday after the company said its first-quarter loss widened to 23 cents a share from 21 cents a share a year earlier. Twitter reported average monthly active users of 255 million at the end of March, falling short of the million monthly users forecast. eBay shares were more than 4% lower in premarket trade after it reported a first-quarter loss of $1.82 a share due to a tax charge late Tuesday. On Wednesday, MetLife (MET) is slated to post first-quarter earnings of $1.40 a share, while Yelp (YELP) is projected to report a loss of 6 cents a share.

Pepco (POM) was jumping 18.3% in early New York trading after Exelon (EXC) agreed to buy the utility company.